Interim Management Statement

 

TIDMILV1 
 
RNS Number : 3020W 
Ingenious Live VCT 1 plc 
17 November 2010 
 

                                                                17 November 2010 
 
                    Ingenious Live VCT 1 plc ("the Company") 
 
                          Interim Management Statement 
 
                 For the period from 1 July to 16 November 2010 
 
 
INVESTMENT ACTIVITIES & PERFORMANCE 
 
We are once again delighted to report an extremely successful summer of activity 
for the Company with our outdoor music events reporting good profitability. The 
net profit of the four summer events totalled GBP1,249,000. The Company's and 
Ingenious Live VCT 2 plc's share of this net profit is GBP181,000 in total. 
 
This success has resulted in a further net write-up of GBP623,000 across the 
Company's investments in the period. The writing-up of the events and their 
profit contributed to the increase in the net asset value of the Company by 
3.6p, giving a closing net asset value total return per share of 99.2p. 
 
The Company is now fully invested for VCT qualifying purposes and will ensure 
that it remains fully qualifying until such time as it can realise its 
investments and return capital to shareholders. 
 
FESTIVALS 
 
Creamfields 
 
2010 has proved to be the most successful Creamfields weekend event in its 12 
year history, both in terms of record profitability and the event being a 
complete sell out for the second year in a row. There were 40,000 fans in 
attendance for each of the two days this year, an increase of 10,000 compared to 
the previous year's attendance of 30,000. The Company's investment is in the 
Sunday of the two day event. 
 
As a result of this strong performance the Company's investment in Creamfields 
has increased by 2.8p per share. We remain confident that Creamfields will 
continue to perform strongly in the future. 
 
80s Rewind 
 
This year's 80s Rewind event held in August experienced an impressive increase 
in attendance figures, with a total audience of just over 35,000 across both 
days. The event saw record profitability and as a result of its success, a 
Christmas Tour will be taking place in December 2010 in addition to a second 80s 
Rewind festival in Scotland for 2011. There is also international interest in 
licensing the brand for events outside the UK. 
 
As a result of this strong performance the Company's investment in 80s Rewind 
has increased by 1.5p per share and we remain confident that 80s Rewind will 
continue to perform strongly in the future. 
 
Underage and Field Day 
 
The fourth year of Underage and Field Day saw the two day event report a profit 
for a second year in a row. The combination of strong attendance across both 
Field Day (18,000 people) and Underage (8,000 teenagers), as well as renting the 
site for a third independent event (a concert by world famous DJ Tiesto) led to 
the event for a second year achieving profitability. Although 2010 profit levels 
were not as high as those achieved in 2009, which has resulted in a small write 
down of 0.1p per share. 
 
LIVE VENUES 
 
Scarborough Open Air Arena 
 
Her Majesty the Queen visited the Scarborough Open Air Arena in May 2010 to open 
the venue and the Grand Gala show which included performances from José Carreras 
and Dame Kiri Te Kanawa. This summer's schedule has also included other major 
shows such as the 80s Rewind Tour, The Doves/Newton Faulkner/The Futureheads and 
performances by Justin Fletcher, the Bafta award winning children's presenter 
and star of Cbeebies' Something Special, in Justin Live. 
 
Although a small loss was incurred by the co-promoters, they fully believe that 
the venue will move into profitability in 2011. As this is the first year of the 
Company's investment in Scarborough the investment is being held at cost. 
 
+--------------+--------------+--------------+--------------+ 
| Period ended |              | 30 September | 30 June 2010 | 
|              |              |         2010 |              | 
+--------------+--------------+--------------+--------------+ 
|              |              |              |              | 
+--------------+--------------+--------------+--------------+ 
| Net asset    |              |        8,520 |        8,189 | 
| value        |              |              |              | 
| GBP'000      |              |              |              | 
+--------------+--------------+--------------+--------------+ 
| Net asset value total       |        9,167 |        8,836 | 
| return per share GBP'000    |              |              | 
+-----------------------------+--------------+--------------+ 
| Shares in issues (number)   |    9,242,845 |    9,242,845 | 
+--------------+--------------+--------------+--------------+ 
 
 
A copy of this interim management statement can be obtained from the following 
websites: 
 
www.londonstockexchange.com 
 
www.ingeniousvcts.co.uk 
 
Enquiries to 
 
Sarah Cruickshank 
Company Secretary 
Ingenious Live VCT 1 plc 
15 Golden Square 
London 
W1F 9JG 
 
0207 319 4000 
 
MHP Communications 
Reg Hoare / Barnaby Fry / Simon Hockridge / Giles Robinson 
 
Tel: [phone] 
[e-mail] 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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